Ukraine/Russia Sanctions: OFAC Authorizes Derivatives Linked to Prohibited Debt and Equity Under OFAC Directives 1, 2 or 3

Ukraine/Russia Sanctions: OFAC General License No. 1B Authorizes Derivative Transactions Linked to Prohibited Debt Under OFAC Directives 1, 2 or 3 On November 28, 2017, the Treasury Department’s Office of Foreign Assets Control (OFAC) issued General License No. 1B under Executive Order 13,662.[i] General License 1B authorizes “[a]ll transactions by U.S. persons, wherever located, and…

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Hdeel Abdelhady to Speak on Managing Money Laundering, Trade Sanctions, and Corruption Risks

MassPoint’s Founder and Principal, Hdeel Abdelhady, will speak at a program on managing money laundering, trade sanctions, and corruption risks in business. The program, entitled “Know Your Business Partners: A Must to Managing Money Laundering, Trade Sanctions, and Corruption Risks,” will take place on November 17, 2017 in Washington, D.C. at the American Bar Association Business Law…

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House Bill Would Establish National Strategy for Combating Terrorism Financing

On July 20, 2017, Representative Ted Budd (R-NC) introduced in the House of Representatives H.R. 3321, the “National Strategy for Combating Terrorist, Underground, and Other Illicit Financing Act.” The purpose of H.R. 3321 is to “require the establishment of a national strategy for combating the financing of terrorism and related financial crimes, and for other purposes.” As summarized by…

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World Bank Accountability Act of 2017

January 17, 2018 Update Today, the U.S. House of Representatives passed the World Bank Accountability Act of 2017. The Act, which was briefly discussed in an earlier MassPoint post of July 22, 2017 (below), maintains the anti-corruption and accountability purposes outlined below. The text of the Act, H.R. 3326, can be viewed here. The Act…
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Congressional Hearing: Managing Terrorism Financing Risk in Remittances and Money Transfers

Congressional Subcommittee to Hold Hearing on Terrorism Financing Risk in Remittances and Money Transfers  The U.S. House of Representatives Financial Services Committee (the “FSC“) Terrorism and Illicit Finance Subcommittee will on July 18, 2017 hold a hearing entitled “Managing Terrorism Financing Risk in Remittances and Money Transfers.”  The FSC memorandum to all of its members states…

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Do State Regulators Like the NYDFS Have Authority to Enforce OFAC Sanctions?

Robust Enforcement of OFAC Sanctions by Federal Authorities In recent years the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and other federal authorities have robustly enforced OFAC-administered sanctions against banks, particularly U.S. branches of foreign banks. Notable for their number, successiveness, and monetary penalty amounts imposed—often for U.S. sanctions and related…

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Basel Committee Clarifies Guidance on Countering Money Laundering and Terrorism Financing in Correspondent Banking

Guidelines on Sound management of risks related to money laundering and financing of terrorism Snapshot Update June 7, 2017 Today the Bank for International Settlements' Basel Committee on Banking Supervision (BCBS) issued "Guidelines on Sound management of risks related to money laundering and financing of terrorism" (the "Guidelines"). The Guidelines were issued "to describe how banks…
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China’s One Belt One Road Could Disrupt U.S. Legal Dominance

How China's One Belt One Road Will Open Trade Routes and Raise Barriers to U.S. Law Source: The Economist On May 14, 2017, President Xi Jinping of China outlined plans to fund China's One Belt, One Road (OBOR) initiative. If successful, OBOR would alter the global trade landscape and, secondarily, likely curtail the global reach of…
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